Global Next Generation Sequencing (NGS) Market to Grow Significantly from USD 4.93 billion in 2017 to USD 17.44 billion in 2024, at a CAGR of 22.2% from 2018 to 2024

Industry : Press Releases Date :October 24th, 2018

Get 15% Discount on First Report

Global Next Generation Sequencing (NGS) Market

Global Next Generation Sequencing (NGS) market is expected to grow significantly from USD 4.93 billion in 2017 to USD 17.44 billion in 2024, at a CAGR of 22.2% from 2018 to 2024. Factors propelling the growth of next generation sequencing (NGS) market include technological advancements in data integration and cloud computing, growing demand for new scientific research, and strong demand for clinical diagnostic. Moreover, increasing adoption of next generation sequencing technology in various end-user segments and growing investments in research and development is further propelling the market growth. Additionally, emerging applications of NGS in food testing and personalized medicine is expected to fuel the market growth during the forecast period. However, lack of skilled professionals may hamper the market growth.

Key findings from the report:

The global NGS market is expected to reach USD 17.44 billion in 2024, at a CAGR of 22.2% during 2018 -2024

On the basis of product type, the reagents & consumables segment held the major share of the market in 2017

Among the various sequencing type, the targeted sequencing & resequencing segment held the largest share of the market in 2017

In the application segment, the diagnostics segment held the major share of the market in 2017. The growth is attributed to the technological advancements and increasing research and development activities.

On the basis of end-user, the Academic Institutes & Research Centers segment held the major share of the market in 2017

Geographically, North America held the major share of the global market in 2017. However, Asia-Pacific region is expected to register the highest CAGR over the forecast period, owing to increasing research in oncology and increasing investments by major key players in the region.

Next-generation sequencing (NGS) also known as massively parallel sequencing technology has revolutionized the biological sciences. The NGS technology is rapidly becoming an essential part of genomic research and drug discovery. The ability of NGS technology to generate large amount of sequence data in a short time helps in wide range of genetic analysis, and is being rapidly used in advance clinical research. The strong demand of NGS technology is mainly due to its growing applications in chromosome counting, molecular analysis, gene expression profiling, detection of epigenetic changes, and disease detection. Moreover, owing to advancements in NGS technology, various pharmaceutical & biotechnological companies and clinical research laboratories are increasingly adopting NGS in their workflows and existing diagnostic cycles.

Geographically, the global NGS market is segmented into North America, Europe, Asia-Pacific, Central & South America, and Middle East and Africa. North America held the major share of the global market in 2017. The growth in the region is attributed to the increasing investments in research and development activities due to the high prevalence of cancer and infectious diseases. Moreover, development in NGS bioinformatics solutions and pre-sequencing, and presence of major player in the region is also driving the market growth. North America is witnessing strong demand for various tests such as non-invasive prenatal test (NIPT), clinical laboratory-developed test (LDT), microbiology and infectious disease testing, which is expected to propel the market growth during the forecast period. Factors driving growth in the European NGS market are; emergence of new applications in various disease diagnosis and significant government support in the region. The NGS market in Asia-Pacific is witnessing significant growth, owing to growing research and development in NGS based diagnostics and genetic research. Moreover, the growing adoption of NGS technology in various end-user segments in Asia-Pacific countries such as Japan, India, and China for new drug and clinical developments is expected to fuel the market growth during 2018-2024.